New Issue: Barclays prices $3 million 10.5% reverse convertibles linked to American International

New York, Aug. 27 - Barclays Bank plc priced $3 million of 10.5% reverse convertible notes due Feb. 27, 2008 linked to American International Group, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless American International stock falls below the protection price of $57.46, 85% of the initial price of $67.60, during the life of the notes and finishes below the initial price in which case the payout will be 14.792899 shares of American International stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	American International Group, Inc. (Symbol: AIG)
Amount:	$3 million
Maturity:	Feb. 27, 2008
Coupon:	10.5%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless American International stock falls below the protection price of $57.46, 85% of the initial price, and finishes below the initial price, in which case 14.792899 shares of American International stock.
Initial price:	$67.60
Protection price:	$57.46, 85% of $67.60
Exchange ratio:	14.792899
Pricing date:	Aug. 24
Settlement date:	Aug. 31
Agent:	Barclays Capital
Agent fee:	2.25%

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